Technical Analysis

USDJPY bounce off from channel support level | 23rd April 2017

USDJPY hitting channel support

USDJPY technical analysis: Possible bullish move | 23rd April 2017

First critical Resistance: 110.06

Second critical Resistance: 112.20 (Channel resistance)

First critical Support: 108.10

Second Critical Support: 107.40

Overall Sentiment: Bullish Δ

The USD JPY pair sharply fallen in the descending channel support zone and after hitting the critical channel support level at 108.10 the pair has formed a nice bullish pin bar which clearly represents that the buyers are ready to push the price up again in the market. The first initial bullish target for this pair is nearest critical resistance level at 110.06.A clear break of that level will lead this pair towards the channel resistance zone at 112.20.

USDJPY hitting channel support

USDJPY daily technical analysis (Live trade in place)

We have entered long in the USDJPY right at the channel support level at 108.12 level and out first initial take profit level is at 110.06.Currently, the stop loss is moved to break even position and once we reach the initial target we will book half of our position in the market and ride the long term bullish trend with trailing stop loss features.

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